Method for providing insurance and an insurance policy protecting persons against malpractice, willful misconduct or products liability
OwnerWilliam Thomas Colavito, Martin S. Ettin +1inventors
InventorsWilliam Thomas Colavito, Martin S. Ettin, Rob Saltzman
Life of this patent
Estimating the term…
Abstract
A method of providing insurance and an insurance policy to pay to an insured individual in the event of his/her personal injury due to negligence and/or professional malpractice or a defective product. The insurance policy may cover one or more categories of loss, such as, but not limited to, non-economic loss(es), pain and suffering, etc., arising from negligence, professional malpractice, products liability or other actionable cause.
Claims10
A method of providing insurance to pay monies to an insured person as compensation for a personal injury, including non-economic losses, caused by any defective product, said method comprising:
- (A) a person making application to an insurance carrier for an insurance policy either in contemplation of the acquisition of the product by such person, or part of a general or specific plan of coverage for circumstances where a legal limitation may affect recovery for injuries, and/or damages caused by a defective product, said insurance policy to pay the person a predetermined amount of money as set forth in the policy, depending upon the payment of the premium therefor, enumerated contingencies, restrictions, limitations, exclusions, reservations, deductibles, and/or co-payments, and/or subrogation rights, and/or credits for catastrophic loss or government or similar funds established to provide compensation for such injuries in the event that the person is injured due to the defective product, irrespective of limits to recoveries for such injuries through the courts after having filed a lawsuit predicated upon such defective product;
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- (B) the insurance provider issuing said insurance policy if the person's application meets the insurance provider's acceptance standards.
An insurance policy to pay to an insured person in the event of his/her personal injury, comprising a legally binding instrument arranged to be taken out from an insurance carrier by a person, EITHER in contemplation of the acquisition of a product, or as part of a general or specific plan of coverage for circumstances where a legal limitation may affect recovery for injuries and/or damages caused by such defective product and products liability, which product, if defective, could result in a personal injury, including non-economic losses, said insurance policy being arranged to pay the insured person an amount in the event that he/she is injured due to product being defective.
Dependencies are inferred from the claim text.